Friendly Fraud is On the Rise Finds Signifyd Survey

https://thefintechtimes.com/friendly-fraud-is-on-the-rise-finds-signifyd-survey/
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In late 2020 Signifyd surveyed 1,500 US consumers and 1,500 UK consumers about their buying habits, with the responses showing sharp contrast to a similar survey pre-pandemic.

In January, before the COVID-19 pandemic swept the country and the world, only 8.1% of consumers said that they had made a false claim that an e-commerce order was never delivered in order to keep the product and land a refund. The survey from September revealed that over a third of participants admitted to committing ‘Friendly Fraud’.

Key findings from the report include:

  • Nearly 36% of UK consumers commit friendly fraud regarding missing packages
  • 32.1% of UK respondents admitted to breaking discount or promotion rules in order to receive a price break they were not entitled to.
  • In the US 40.3% of consumers said they asked for a refund because of a fraudulent charge when in fact they knew no fraud had been committed. In the UK, the number was 36.1%.
  • In the US, 60.4% of consumers said they would be spending less this year compared to 66.7% of UK respondents, due to the effects of COVID-19 on income
  • In the UK, 47.9% of respondents said a year from now they’d be shopping differently than they were a year ago, because they’d be relying more heavily on click-and-collect.
  • In the US, 60.1% said they expected to continue to more heavily use buy online, pick up in-store or at the curb.

To find out more or read the report in full, click here.

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

https://thefintechtimes.com/friendly-fraud-is-on-the-rise-finds-signifyd-survey/